PALO ALTO, Calif. (AP) -- Shares of Anacor Pharmaceuticals Inc. climbed Tuesday morning after federal regulators approved its first drug, the toenail fungus treatment Kerydin, a few weeks ahead of schedule.
The Palo Alto, California, company said it expects to launch Kerydin, also known as tavaborole, in the United States as early as the end of this quarter, either alone or with a partner.
Kerydin is a clear, alcohol-based solution that is applied with a dropper to an infected toenail once a day for nearly a year. It treats onychomycosis, a fungal infection of the nail and nail bed.
The Food and Drug Administration had accepted Anacor's marketing application for the drug last fall and wasn't expected to complete its review until July 29.
Other toenail fungus treatments already on the market include Lamisil and Penlac.
Anacor was founded in 2002 and went public eight years later. It also has a potential treatment for atopic dermatitis in late-stage clinical testing, or the last phase before a drug developer submits a treatment to regulators for approval.
The company's stock was up 4.4 percent, or 74 cents, to $17.48 shortly before markets opened.